This is how it works in Ark:

User Alex has 100 tokens.
Alex can vote for 1 delegate with a weight of 100 tokens assigned to that delegate.
Alex can also choose to vote for 2 delegates, but each delegate would then only receive 50% of his voting weight.
As Alex continues to vote for additional delegates, he reduces the weight he contributes to each of the delegates proportional to the number of votes cast.
User Kevin has 20 million tokens. Kevin can nominate his delegate fairly easily. He may even be able to vote in 2 of his own delegates, but rightfully so, he purchased 20 Million tokens. What he can’t do is be guaranteed to nominate more than 8 delegates before his weight is too diluted to maintain his position.
Kevin is a contained whale.

I don't see any possible problems with this voting model, do you? Comment below.